So Hum Bharat Digital aims to the address the "white spaces" within the customer segment that are currently not addressed and in spending categories where physical cash is still widely used, said Navin Surya one of the promoters the New Umbrella Entity applicant, in an interview with MediaNama . Surya who is chairman emeritus of the Payments Council of India and chairman of the Fintech Convergence Council joined hands with Infibeam Avenues' executive director, Vishwas Patel, to start So Hum. While several banks, multinational companies and corporate groups also plan to apply for an NUE license, Surya and Patel are the first to set up an entirely new entity to rival the National Payments Corporation of India (NPCI). MediaNama: Why do we need more than one umbrella entity for payments? Navin Surya: There is no single reason why payments has not penetrated beyond the top 100 million consumers. Every consumer segment needs a different value proposition, payments is not necessarily a geographical issue but a demographic issue. As you go down to the next set of customers, the similarities between the customers keep reducing compared to the top 100 million customers who are similar in their behavior. Different people have different needs, different use cases and different ways they transact in the commercial environment. Therefore, there is need for a different kind of ecosystem that needs to be digitised. Our payments solutions are focused to take the current digital payments customer base from 100 million at present to the next…
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Interview: ‘We need to tap a new ecosystem of players to expand digital payments adoption,’ says Navin Surya
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